Economy’s Hidden Shift in Spending | Durham News

Durham News Today | 2 Min News | The Daily News Now! · Aug 17, 2026 · 1m

Bank of America just flipped the script on the economy—after painting a stark “K-shaped recovery” picture in July, where the rich soared while others struggled, new data reveals a surprising “great convergence.” Spending growth is now syncing across income levels, fueled by a surge in after-tax wages for lower earners. Job hopping and tax adjustments may be behind the boost, shifting consumer behavior away from debt and savings. But don’t celebrate yet—the wealth gap remains wide, with top 5% still riding the stock market wave, and rising interest rates could soon reverse this progress…